Gebruiksaanwijzing SHARP FO-2200

[. . . ] TOON 3LUIDSPREKER 'H IDEULHNVLQVWHOOLQJHQ VWDDQ YHWJHGUXNW 352*5$00(5(1 23 +(7 6&+(50 'UXN RS 0HQX6HW RP KHW PHQX WH RSHQHQ RP WH DFFHSWHUHQ RP DI WH VOXLWHQ +RRIGPHQX 1STANDAARD INST YHUYROJ 6XEPHQX 5PBX 0HQXRSWLHV ² 2SWLHV AAN UIT 2PVFKULMYLQJ $FWLYHHU GH]H IXQFWLH DOV GH PDFKLQH LV RS HHQ 3%; 3ULYDWH %UDQFK ([FKDQJH LV DDQJHVORWHQ =HW GH NORN YDQ GH PDFKLQH YRRU ]RPHU RI ZLQWHUWLMG HHQ XXU YRRU RI DFKWHUXLW 6WURRPEHVSDDU VWDQG 6HOHFWHHU GH NLHVPRGXV 3DJLQD 6WIJZIG KLOK ² ² 7BESPAARSTAND 8TOON/PULS ² ² AAN UIT TOON PULS 'H IDEULHNVLQVWHOOLQJHQ VWDDQ YHWJHGUXNW 352*5$00(5(1 23 +(7 6&+(50 'UXN RS 0HQX6HW RP KHW PHQX WH RSHQHQ RP WH DFFHSWHUHQ RP DI WH VOXLWHQ +RRIGPHQX 2FAX 6XEPHQX 1ONTVANGST MENU 0HQXRSWLHV 1BEL VERTRAGING 2SWLHV 02 03 04 05 06 2PVFKULMYLQJ $DQWDO NHUHQ GDW GH EHO YDQ GH PDFKLQH LQ GH VWDQG FAX RI FAX/TELEFOON RYHUJDDW YRRUGDW ZRUGW RSJHQRPHQ 0HW GH]H IXQFWLH EHSDDOW X KRH ODQJ GH WHOHIRRQ LQ GH VWDQG )D[7HO FAX/TELEFOON PHW HHQ GXEEHOH EHO RYHUJDDW RP X WH ZDDUVFKXZHQGDW KHW HHQ QRUPDDO WHOHIRRQWMH LV 0HW GH]H IXQFWLH NXQW X ID[EHULFKWHQ RQWYDQJHQ ]RQGHU GH WRHWV )D[ 6WDUW LQ WH GUXNNHQ 8 NXQW WHOHIRRQWMHV RS HHQ WZHHGH RI HHQH[WHUQ WRHVWHO DDQQHPHQ HQ GH]H FRGHV JHEUXLNHQ RP GH PDFKLQH WH DFWLYHUHQ RI GHDFWLYHUHQ 8 NXQW GH]H FRGHV ZLM]LJHQ 0HW GH]H IXQFWLH ZRUGHQ LQNRPHQGH ID[EHULFKWHQ YHUNOHLQG 3DJLQD 2F/T BELTIJD 70 40 30 20 3FAX WAARNEMEN AAN UIT 4CODE OP AFST. AAN  UIT 5AUTO REDUCTIE AAN UIT 'H IDEULHNVLQVWHOOLQJHQ VWDDQ YHWJHGUXNW 352*5$00(5(1 23 +(7 6&+(50 'UXN RS 0HQX6HW RP KHW PHQX WH RSHQHQ RP WH DFFHSWHUHQ RP DI WH VOXLWHQ +RRIGPHQX 2FAX YHUYROJ 6XEPHQX 1ONTVANGST MENU YHUYROJ 0HQXRSWLHV 6. GEHEUGEN ONTV. 2SWLHV AAN UIT 2PVFKULMYLQJ +LHUPHHZRUGHQ LQNRPHQGH ID[HQ DXWRPDWLVFK LQ KHW JHKHXJHQ RSJHVODJHQ DOV KHW SDSLHU RS LV 0HW GH]H IXQFWLH NXQW X HHQ DQGHUH ID[PDFKLQH EHOOHQ HQ GDDU HHQ ID[EHULFKW RSYUDJHQ SROOHQ 0HW GH]H IXQFWLH NXQW X GH KHOGHUKHLG ELMVWHOOHQ YDQ HHQ ID[EHULFKW GDW X JDDW YHU]HQGHQ +LHUPHH ZLM]LJW X GH VWDQGDDUG UHVROXWLH YRRU XLWJDDQGH ID[HQ 0HW GH]H IXQFWLH NXQW X LQVWHOOHQ KRH ODDW XLWJHVWHOGH ID[EHULFKWHQ PRHWHQ ZRUGHQ YHU]RQGHQ 0HW GH]H IXQFWLH YHU]HQGW X DOOH XLWJHVWHOGH ID[HQ WHJHOLMNHUWLMG LQ ppQ WUDQVPLVVLH QDDU KHW]HOIGH ID[QXPPHU 3DJLQD 7ONTVANG POLLEN STAND BEVEILIG TIJDKLOK 2VERZEND MENU 1CONTRAST AUTO LICHT DONKER 2FAX RESOLUTIE STANDAARD FIJN SUPERFIJN FOTO KLEUR STANDAARD KLEUR FIJN ² 3TIJDKLOK 4VERZAMELEN AAN UIT 'H IDEULHNVLQVWHOOLQJHQ VWDDQ YHWJHGUXNW 352*5$00(5(1 23 +(7 6&+(50 'UXN RS 0HQX6HW RP KHW PHQX WH RSHQHQ RP WH DFFHSWHUHQ RP DI WH VOXLWHQ +RRIGPHQX 2FAX YHUYROJ 6XEPHQX 2VERZEND MENU YHUYROJ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² 9INTERNATION AAL AAN UIT 3KIESGEHEUGEN 1SNELKIES ² 2GROEP INSTELL. ² 'H IDEULHNVLQVWHOOLQJHQ VWDDQ YHWJHGUXNW 352*5$00(5(1 23 +(7 6&+(50 'UXN RS 0HQX6HW RP KHW PHQX WH RSHQHQ RP WH DFFHSWHUHQ RP DI WH VOXLWHQ +RRIGPHQX 2FAX YHUYROJ 6XEPHQX 4RAPPORT INSTEL 0HQXRSWLHV 1VERZEND RAPP. 2SWLHV AAN AAN+BEELD UIT UIT+BEELD ELKE 7 DAGEN ELKE 2 DAGEN ELKE 24 UUR ELKE 12 UUR ELKE 6 UUR NA 50 FAXEN UIT UIT AAN 2PVFKULMYLQJ +LHU VWHOW X LQ ZDQQHHU KHW YHU]HQGUDSSRUW HQ KHW MRXUQDDO ZRUGHQ DIJHGUXNW 3DJLQD 2JOURNAAL TIJD 5AFSTAND OPTIES 1FAX DOORIENDEN 6WHOWGHPDFKLQH LQ RS KHW GRRU]HQGHQ YDQ ID[EHULFKWHQ 0HW GH]H IXQFWLH ZRUGHQ LQNRPHQGH ID[HQ LQ KHW JHKHXJHQ RSJHVODJHQ ]RGDW ]H YDQDI HHQ DQGHU WRHVWHO NXQQHQ ZRUGHQ RSJHYUDDJG HQ QDDU HHQ DQGHU WRHVWHO NXQQHQ ZRUGHQ GRRUJH]RQGHQ 8 NXQW XZ HLJHQ FRGH LQVWHOOHQ 'H]H FRGH LV QRGLJ RP XZ ID[EHULFKWHQ YDQDI HHQ DQGHUH ORFDWLH WH NXQQHQ RSYUDJHQ 0HW GH]H IXQFWLH ZRUGW HHQ DIGUXN JHPDDNW YDQ GH LQ KHW JHKHXJHQ RSJHVODJHQ ID[EHULFKWHQ 2FAX OPSLAAN AAN UIT 3AFST. BEDIEN ING 4PRINT DOCUMENT %DFNXS 3ULQW ² 'H IDEULHNVLQVWHOOLQJHQ VWDDQ YHWJHGUXNW 352*5$00(5(1 23 +(7 6&+(50 'UXN RS 0HQX6HW RP KHW PHQX WH RSHQHQ RP WH DFFHSWHUHQ RP DI WH VOXLWHQ +RRIGPHQX 2FAX YHUYROJ 6XEPHQX 6REST. [. . . ] KAART =LH 6FDQQHQ ELM JHEUXLN YDQ :LQGRZV RS SDJLQD  UIT ² ² PDF JPEG ² ²    UIT PDF :$/. 83 3+272&$3785( &(17(5 $IGUXNNZDOLWHLW 'UXN RS 0HQX6HW 'UXN RS RI RP NORM FIJN RI FOTO WH VHOHFWHUHQ 'UXN RS 0HQX6HW 'UXN RS 6WRS(LQGLJHQ FOTOCAPTURE 1. PRINTKWALITEIT $IGUXNIRUPDDW 'UXN RS 0HQX6HW 'UXN RS RI RP 13x9CM 15x10CM 18x13CM RI 20x25CM WH VHOHFWHUHQ 'UXN RS 0HQX6HW 'UXN RS 6WRS(LQGLJHQ FOTOCAPTURE 2. AFM. AFDRUK +HOGHUKHLG 'UXN RS 0HQX6HW FOTOCAPTURE 3. HELDERHEID 'UXN RS RI RP HELDERHEID WH VHOHFWHUHQ 'UXN RS 0HQX6HW 'UXN RS RP HHQ OLFKWHUH NRSLH WH PDNHQ ²2)² 'UXN RS RP HHQ GRQNHUGHUH NRSLH WH PDNHQ 'UXN RS 0HQX6HW 'UXN RS 6WRS(LQGLJHQ :$/. 83 3+272&$3785( &(17(5 &RQWUDVW 8 NXQW GH FRQWUDVWLQVWHOOLQJ ZLM]LJHQ 0HW PHHU FRQWUDVW ]LHW HHQ EHHOG HU VFKHUSHU HQ OHYHQGLJHU XLW 'UXN RS 0HQX6HW FOTOCAPTURE 4. CONTRAST 'UXN RS RI RP CONTRAST WH VHOHFWHUHQ 'UXN RS 0HQX6HW 'UXN RS RP KHW FRQWUDVW WH YHUKRJHQ ²2)² 'UXN RS RP KHW FRQWUDVW WH YHUODJHQ 'UXN RS 0HQX6HW 'UXN RS 6WRS(LQGLJHQ . OHXUYHUEHWHULQJ 'UXN RS 0HQX6HW FOTOCAPTURE 5. KLEUR AANP. WH VHOHFWHUHQ 'UXN RS 0HQX6HW 'UXN RS RI RP AAN RI UIT WH VHOHFWHUHQ 'UXN RS 0HQX6HW $OV X AAN VHOHFWHHUW NXQW X GH ZLWEDODQV VFKHUSWH HQ NOHXUGLFKWKHLG DDQSDVVHQ $OV X AAN KHEW JHVHOHFWHHUG PRHW X RS RI GUXNNHQ RP GH WIT BALANS WH VHOHFWHUHQ 'UXN RS 0HQX6HW 2P GH ZLWEDODQV RYHU WH VODDQ 'UXN RS RI RP SCHERPTE RI KLEUR INSTELLI WH VHOHFWHUHQ :$/. 83 3+272&$3785( &(17(5 'UXN RS RI RP GH ZLWEDODQV DI WH VWHOOHQ 'UXN RS 0HQX6HW +HUKDDO VWDS HQ VWDS RP GH VFKHUSWH HQ GH NOHXUGLFKWKHLG DI WH VWHOOHQ ²2)²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²'H]H PHOGLQJ ZRUGW ZHHUJHJHYHQ DOV X HHQ PHGLDNDDUW SODDWVW GLH GHIHFW RI QLHW JHIRUPDWWHHUG LV DOV HU LHWV QLHW LQ RUGH LV PHW GH PHGLDVOHXI RI DOV KHW '32)EHVWDQG RS GH PHGLDNDDUW KHHIW JHWUDFKW HHQ -3*EHHOG WH VHOHFWHUHQ GDW QLHW RS GH NDDUW VWDDW 9HUZLMGHU GH PHGLDNDDUW RP GH]H IRXWPHOGLQJ WH ZLVVHQ GEEN BESTAND²'H]H PHOGLQJ ZRUGW ZHHUJHJHYHQ DOV X FOTOCAPTURE VHOHFWHHUW HQ HU JHHQ -3*EHVWDQG RS GH JHSODDWVWH PHGLDNDDUW VWDDW GEHEUGEN VOL²'H]H PHOGLQJ ZRUGW ZHHUJHJHYHQ DOV X ZHUNW PHW EHHOGHQ GLH WH JURRW ]LMQ YRRU KHW JHKHXJHQ YDQ GH PDFKLQH 9HUHLVWHQ YRRU KHW 3KRWR&DSWXUH &HQWHU 2P IRXWPHOGLQJHQ WH YRRUNRPHQ GLHQW X UHNHQLQJ WH KRXGHQ PHW KHW YROJHQGH +HW '32)EHVWDQG RS GH PHGLDNDDUW GLHQW HHQ JHOGLJH EHVWDQGVLQGHOLQJ WH KHEEHQ 'H H[WHQVLH YDQ KHW EHHOGEHVWDQG PRHW -3* ]LMQ DQGHUH H[WHQVLHV YRRU EHHOGEHVWDQGHQ ]RDOV -3(* 7, ) *, ) HQ] ZRUGHQ QLHW KHUNHQG $IGUXNNHQ YLD :DONXS 3KRWR&DSWXUH &HQWHU GLHQW WH ZRUGHQ XLWJHYRHUG JHVFKHLGHQ YDQ 3KRWR&DSWXUH &HQWHUEHZHUNLQJHQ ZDDUELM HHQ SF ZRUGW JHEUXLNW+HW LV QLHW PRJHOLMN RP GH]H EHZHUNLQJHQ JHOLMNWLMGLJ XLW WH YRHUHQ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 3KRWR&DSWXUH &HQWHU JHEUXLNHQ YRRU KHW VFDQQHQ YDQ RULJLQHOHQ 8 NXQW GH RULJLQHOHQ QDDU HHQ PHGLDNDDUW VFDQQHQ =LH 1DDU HHQ NDDUW VFDQQHQ RS SDJLQD  :$/. 83 3+272&$3785( &(17(5 'H PDFKLQH DOV HHQ SULQWHU JHEUXLNHQ %URWKHU V SULQWHUGULYHU YRRU GH 0)& JHEUXLNHQ (HQ SULQWHUGULYHU LV HHQ VWXXUSURJUDPPD GDW JHJHYHQV LQ KHW GRRU GH FRPSXWHU JHEUXLNWH IRUPDDW RP]HW LQ HHQ IRUPDDW GDW GRRU HHQ EHSDDOGH SULQWHU NDQ ZRUGHQ JHEUXLNW GLW LV PHHVWDO HHQ SULQWHURSGUDFKWWDDO RI HHQ SDJH GHVFULSWLRQ ODQJXDJH 3'/ 'H SULQWHUGULYHUV VWDDQ RS GH PHHJHOHYHUGH FGURP , QVWDOOHHU GH GULYHUV HHUVW DDQ GH KDQG YDQ GH LQVWUXFWLHV LQ GH LQVWDOODWLHKDQGOHLGLQJ 'H PHHVW UHFHQWH SULQWHUGULYHUV NXQW X WHYHQV GRZQORDGHQ YDQDI %URWKHU 6ROXWLRQV &HQWHU RS http://solutions. brother. com )XQFWLHV 'H]H PDFKLQH ELHGW X RQJHYHHU GH]HOIGH IXQFWLHV DOV HHQ KRRJZDDUGLJH LQNMHWSULQWHU +RJH DIGUXNVQHOKHLG², Q GH VQHOOH PRGXV NXQW X WRW SDJLQD V SHU PLQXXW LQ NOHXU DIGUXNNHQ HQ WRW SDJLQD V SHU PLQXXW LQ ]ZDUW %ULOMDQWH KRRJZDDUGLJH DIGUXNNHQ²$IGUXNNHQ PHW HHQ UHVROXWLH YDQ [ GSL RS JODQ]HQG SDSLHU JDUDQGHHUW DIGUXNNHQ PHW GH KRRJVWH UHVROXWLH 6SHFLDOH XLWYRHU²8 NXQW RS :DWHUPHUN DIGUXNNHQ NOHXUYHUEHWHULQJ 7UXH/LIHWHFKQRORJLH HQ DQGHUH IXQFWLHV JHEUXLNHQ ZDDUPHH X DIGUXNNHQ YDQ XLWPXQWHQGH NZDOLWHLW NXQW PDNHQ /DJH NRVWHQ²:DQQHHU HHQ EHSDDOGH LQNWNOHXU DDQJHYXOG PRHW ZRUGHQ GDQ YHUYDQJW X XLWVOXLWHQG GH FDUWULGJH GLH OHHJ LV '( 0$&+, 1( $/6 ((1 35, 17(5 *(%58, . (1 %LGLUHFWLRQHOH SDUDOOHOOH LQWHUIDFH²'H SDUDOOHOOH LQWHUIDFH YHU]RUJW ELGLUHFWLRQHOH , ((( FRPSDWLEHO FRPPXQLFDWLH PHW XZ FRPSXWHU 86%²86% 8QLYHUVHOH 6HULsOH %XV 'H 86%LQWHUIDFH ]RUJW YRRU VQHOOH FRPPXQLFDWLH PHW XZ FRPSXWHU 5HFKW SDSLHUSDG²'H PDFKLQH NDQ RS GLYHUVH VRRUWHQ SDSLHU DIGUXNNHQ QRUPDDO SDSLHU LQNMHWSDSLHU JODQ]HQG SDSLHU WUDQVSDUDQWHQ HQ HQYHORSSHQ $OV GH MXLVWH SDSLHU ZRUGW JHEUXLNW ZRUGW YRRUNRPHQ GDW KHW SDSLHU YDVWORRSW 5DDGSOHHJ GH XLWJHEUHLGH LQIRUPDWLH RYHU KHW JHEUXLN YDQ GH YHUVFKLOOHQGH SDSLHUVRRUWHQ LQ GH]H PDFKLQH =LH 3DSLHU RS SDJLQD  'H MXLVWH SDSLHUVRRUW NLH]HQ 2P PHW XZ PDFKLQH DIGUXNNHQ YDQ KRJH NZDOLWHLW WH SURGXFHUHQ LV KHW ]DDN GDW X GH MXLVWH SDSLHUVRRUW VHOHFWHHUW =LH 3DSLHU RS SDJLQD  '( 0$&+, 1( $/6 ((1 35, 17(5 *(%58, . (1 8Z GRFXPHQW DIGUXNNHQ =RGUD GH PDFKLQH JHJHYHQV RQWYDQJW YDQ XZ FRPSXWHU ZRUGW KHW DIGUXNNHQ JHVWDUW GRRU SDSLHU YDQXLW GH SDSLHUODGH LQ WH YRHUHQ 9LD GH SDSLHUODGH NXQQHQ GLYHUVH SDSLHUVRRUWHQ HQ HQYHORSSHQ ZRUGHQ LQJHYRHUG 6HOHFWHHU GH DIGUXNRSGUDFKW RS XZ FRPSXWHU $OV XZ FRPSXWHU RRN RS DQGHUH SULQWHUV LV DDQJHVORWHQ VHOHFWHHUW X LQ KHW DIGUXNPHQX RI KHW PHQX PHW GH SULQWHULQVWHOOLQJHQ YDQ XZ WRHSDVVLQJ GH %URWKHU 0)& 86%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 . OLN RS 2. 2S KHW /&'VFKHUP YDQ GH PDFKLQH HANDINVOER ZRUGW KHW YROJHQGH ZHHUJHJHYHQ DRUK FAX START 'UXN RS )D[ 6WDUW RP PHW DIGUXNNHQ WH EHJLQQHQ 3ODDWV KHW YROJHQGH YHO SDSLHU RP GRRU WH JDDQ PHW DIGUXNNHQ 'UXN RS )D[ 6WDUW +HUKDDO VWDS WRWGDW X NODDU EHQW PHW DIGUXNNHQ $OV X NODDU EHQW PRHW X KHW GHNVHO YDQ GH VOHXI YRRU KDQGLQYRHU ZHHU VOXLWHQ $OV X GH KDQGPDWLJH LQYRHU ZLOW VWRSSHQ RI GH VOHXI ZLOW OHJHQ HQ PHW HHQ SFRSGUDFKW ZLOW DQQXOHUHQ ]HW X GH PDFKLQH RIIOLQH GRRU RS 6WRS(LQGLJHQ WH GUXNNHQ '( 0$&+, 1( $/6 ((1 35, 17(5 *(%58, . (1 *HOLMNWLMGLJ DIGUXNNHQ HQ ID[HQ 'H PDFKLQH NDQ JHJHYHQV YDQ GH FRPSXWHU DIGUXNNHQ WHUZLMO HHQ ID[ LQ KHW JHKHXJHQ ZRUGW YHU]RQGHQ RI RQWYDQJHQ RI WHUZLMO HU JHJHYHQV LQ GH FRPSXWHU ZRUGHQ JHVFDQG +HW YHU]HQGHQ YDQ ID[HQ NDQ WLMGHQV KHW SFDIGUXNNHQ JHZRRQ GRRUJDDQ $OV GH PDFKLQH HFKWHU NRSLHHUW RI HHQ ID[ RS SDSLHU RQWYDQJW RQGHUEUHHNW ]H KHW SFDIGUXNNHQ HQ JDDW ]H GDDU SDV ZHHU PHH YHUGHU QDGDW KHW NRSLsUHQ LV YROWRRLG RI GH JHKHOH ID[ LV RQWYDQJHQ *HJHYHQV LQ KHW JHKHXJHQ ZLVVHQ $OV RS KHW /&'VFKHUP MEER GEGEVENS ZRUGW ZHHUJHJHYHQ NXQW X GH JHJHYHQV GLH LQ KHW JHKHXJHQ ]LMQ RSJHVODJHQ ZLVVHQ GRRU RS 6WRS(LQGLJHQ WH GUXNNHQ 'H DIGUXNNZDOLWHLW FRQWUROHUHQ $OV X GH DIGUXNNZDOLWHLW ZLOW FRQWUROHUHQ HQ ZLOW ZHWHQ KRH GH]H YHUEHWHUG NDQ ZRUGHQ =LH 'H DIGUXNNZDOLWHLW YHUEHWHUHQ RS SDJLQD  '( 0$&+, 1( $/6 ((1 35, 17(5 *(%58, . (1 , QVWHOOLQJHQ YDQ GH SULQWHUGULYHU DOOHHQ YRRU :LQGRZV  , QVWHOOLQJHQ YDQ GH SULQWHUGULYHU $OV X YDQDI XZ FRPSXWHU DIGUXNW NXQW X GH YROJHQGH SULQWHULQVWHOOLQJHQ PDNHQ 0HGLD W\SH. ZDOLWHLW 6QHOKHLG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sUHQ DIKDQNHOLMN YDQ XZ :LQGRZVEHVWXULQJVV\VWHHP , 167(//, 1*(1 9$1 '( 35, 17(5'5, 9(5 +HW WDEEODG 1RUPDDO 6HOHFWHHU GH 0HGLD W\SH HQ . ZDOLWHLW 6HOHFWHHU 3DSLHUIRUPDDW 3DJLQD /D\RXW 5DQG LQGLHQ YDQ WRHSDVVLQJ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 *ODQ]HQG SDSLHU NOHXUHQ 7UDQVSDUDQWHQ 'H DIGUXNNZDOLWHLW YDQ ]ZDUWH LQNW YDULHHUW DIKDQNHOLMN YDQ KHW VRRUW JODQ]HQG SDSLHU GDW X JHEUXLNW (U ZRUGW ]ZDUWH LQNW JHEUXLNW DOV X *ODQ]HQG SDSLHU NOHXUHQ VHOHFWHHUW $OV KHW JODQ]HQG SDSLHU GDW X JHEUXLNW GH ]ZDUWH LQNW DIVWRRW VHOHFWHHUW X *ODQ]HQG SDSLHU NOHXUHQ ZDDUPHH ]ZDUWH LQNW ZRUGW JHVLPXOHHUG GRRU GH GULH LQNWNOHXUHQ WH FRPELQHUHQ . ZDOLWHLW %LM . ZDOLWHLW NXQW X VHOHFWHUHQ PHW ZHONH UHVROXWLH XZ GRFXPHQW PRHW ZRUGHQ DIJHGUXNW 'H DIGUXNVQHOKHLG HQ NZDOLWHLW YDULsUHQ DIKDQNHOLMN YDQ GH JHVHOHFWHHUGH UHVROXWLH +RH KRJHU GH NZDOLWHLW KRH ODQJHU KHW GXXUW RP KHW GRFXPHQW DI WH GUXNNHQ :HONH NZDOLWHLWHQ X NXQW VHOHFWHUHQ LV DIKDQNHOLMN YDQ GH JHVHOHFWHHUGH SDSLHUVRRUW )RWR [ GSL *HEUXLN GH]H VWDQG DOV X SUHFLH]H EHHOGHQ ]RDOV IRWR V ZLOW DIGUXNNHQ 'LW LV GH KRRJVWH UHVROXWLH HQ GH ODDJVWH VQHOKHLG 6XSHUILMQ 6XSHUILMQ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 , QNMHWSDSLHU *ULMVWLQWHQ *ODQ]HQG SDSLHU NOHXUHQ NOHXU *ODQ]HQG SDSLHU NOHXUHQ *ULMVWLQWHQ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 6WDDQG 9HUWLFDDO /LJJHQG +RUL]RQWDDO $DQWDO %LM $DQWDO NXQW X LQVWHOOHQ KRHYHHO H[HPSODUHQ X ZLOW DIGUXNNHQ WRW  6RUWHUHQ $OV KHW VHOHFWLHYDNMH 6RUWHUHQ LV JHVHOHFWHHUG ZRUGW HU HHQ FRPSOHHW H[HPSODDU YDQ XZ GRFXPHQW DIJHGUXNW HQ ZRUGW GLW KHUKDDOG YRRU KHW DDQWDO H[HPSODUHQ GDW X KHEW JHVHOHFWHHUG $OV KHW VHOHFWLHYDNMH 6RUWHUHQ QLHW LV JHVHOHFWHHUG ZRUGW YRRU DOOH H[HPSODUHQ HHUVW GH HHUVWH SDJLQD DIJHGUXNW HQ ZRUGW SDV GDQ GH YROJHQGH SDJLQD YDQ KHW GRFXPHQW DIJHGUXNW 2PJHNHHUGH YROJRUGH 2PJHNHHUGH YROJRUGH GUXNW GH SDJLQD V YDQ XZ GRFXPHQW LQ RPJHNHHUGH YROJRUGH DI ZDDUGRRU GH SDJLQD V YDQ KHW GRFXPHQW LQ GH MXLVWH YROJRUGH RS GH VWDSHO OLJJHQ , 167(//, 1*(1 9$1 '( 35, 17(5'5, 9(5 1DELM UDQG SULQW 0HW GH IXQFWLH 1DELM UDQG SULQW ZRUGW KHW EHGUXNEDDU JHGHHOWH PHW PD[LPDDO PP XLWJHEUHLG WRW GLFKWHU ELM RQGHUNDQW YDQ KHW SDSLHU (U ZRUGW LHWV ODQJ]DPHU DIJHGUXNW 3DSLHU 'RRUYRHU , Q GH NHX]HOLMVW 3DSLHU 'RRUYRHU NXQW X VHOHFWHUHQ RS ZHONH ZLM]H GH PDFKLQH KHW SDSLHU PRHW LQYRHUHQ $XWRP GRRUYRHU 'H PDFKLQH YRHUW GH YROJHQGH SDJLQD V DXWRPDWLVFK LQ +DQGP GRRUYRHU 'H PDFKLQH YRHUW VOHFKWV HHQ YHO LQ 1DGDW GH HHUVWH SDJLQD LV DIJHGUXNW JHHIW KHW /&'VFKHUP YDQ GH PDFKLQH DDQ GDW X HHQ YHO SDSLHU PRHW SODDWVHQ *HEUXLN GH]H VWDQG DOV X GH VOHXI YRRU KDQGLQYRHU YRRU GLNNHU SDSLHU JHEUXLNW =LH 'H VOHXI YRRU KDQGLQYRHU JHEUXLNHQ RS SDJLQD  , 167(//, 1*(1 9$1 '( 35, 17(5'5, 9(5 +HW WDEEODG *HDYDQFHHUG 2P WHUXJ WH JDDQ QDDU GH VWDQGDDUGLQVWHOOLQJHQ NOLNW X RS GH NQRS 6WDQGDDUG . OLN RS HHQ YDQ GH YROJHQGH SLFWRJUDPPHQ RP GH GHVEHWUHIIHQGH IXQFWLH LQ WH VWHOOHQ . OHXU 6FDOLQJ :DWHUPHUN 2SWLHV DSSDUDDW , 167(//, 1*(1 9$1 '( 35, 17(5'5, 9(5 . OHXU . OHXU*ULMVWLQWHQ +LHUPHH NXQW X HHQ NOHXUHQGRFXPHQW PHW EHKXOS YDQ GH JULMVZDDUGHQVFKDDO LQ ]ZDUWZLW DIGUXNNHQ %HHOG W\SH 'H SULQWHUGULYHU VHOHFWHHUW DXWRPDWLVFK GH PHHVW JHVFKLNWH PHWKRGH YRRU NOHXUDDQSDVVLQJ HQ KDOIWRRQ DIKDQNHOLMN YDQ KHW W\SH EHHOG 2YHU KHW DOJHPHHQ ZRUGHQ WHNVW HQ ]DNHOLMNH DIEHHOGLQJHQ ]RDOV JUDILHNHQ VFKHUS DIJHGUXNW HQ IRWR V ZDW PLQGHU VFKHUS $XWR 'H SULQWHUGULYHU VHOHFWHHUW KHW W\SH EHHOG DXWRPDWLVFK )RWR 6HOHFWHHU GH]H VWDQG YRRU IRWRJUDILVFKH EHHOGHQ $IEHHOGLQJHQ 6HOHFWHHU GH]H VWDQG YRRU GRFXPHQWHQ PHW WHNVW RI ]DNHOLMN JUDILVFK ZHUN JUDILHNHQ RI FOLS DUW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 JHEUXLNHQ RP YDVW WH VWHOOHQ ZDDU GH VWLSSHQ PRHWHQ ZRUGHQ JHSODDWVW RP KDOIWRQHQ WH FUHsUHQ 9RRU KHW SODDWVHQ YDQ VWLSSHQ ZRUGW HHQ DDQWDO YRRUDI EHSDDOGH SDWURQHQ JHEUXLNW HQ X NXQW NLH]HQ ZHON SDWURRQ YRRU XZ GRFXPHQW PRHWHQ ZRUGHQ JHEUXLNW . LHV GH JHZHQVWH PHWKRGH 'LIIXVLH 6WLSSHQ ZRUGHQ ZLOOHNHXULJ JHSODDWVW RP GH KDOIWRQHQ WH FUHsUHQ 'H]H PHWKRGH LV PHHU JHVFKLNW YRRU KHW DIGUXNNHQ YDQ IRWRJUDILVFKH EHHOGHQ PHW ]DFKWH WLQWHQ HQ JUDILVFK ZHUN 'LWKHU 6WLSSHQ ZRUGHQ LQ HHQ YRRUJHSURJUDPPHHUG SDWURRQ JHSODDWVW RP GH KDOIWRQHQ WH FUHs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 6HOHFWHHU , Q FRQWRXUWHNVW DOV X DOOHHQ HHQ RPWUHN YDQ KHW ZDWHUPHUN ZLOW DIGUXNNHQ :DWHUPHUN DIGUXNNHQ 'H IXQFWLH :DWHUPHUN DIGUXNNHQ ELHGW GH YROJHQGH DIGUXNRSWLHV 2S DOOH SDJLQD¶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 5DDGSOHHJ ELM JHEUXLN YDQ :LQGRZV ;3 GH JHEUXLNHUVKDQGOHLGLQJ YRRU 6PDUW8, LQ GH SURJUDPPDJURHS 3DSHU3RUW RS XZ SF 'H VRIWZDUHVXLWH 0)/ 3UR PRHW JHwQVWDOOHHUG ]LMQ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sUHQ HQ 3&)D[ 5HFKWVWUHHNV VFDQQHQ QDDU HHQ EHVWDQG HPDLO WHNVWYHUZHUNHU RI JUDILVFKH WRHSDVVLQJ YDQ XZ NHX]H . RSLsUHQ )D[HQ YLD GH SF PHW JHEUXLNPDNLQJ YDQ GH %URWKHU 0)/ 3UR 3&)$; 6RIWZDUH %527+(5 &21752/ &(17(5 *(%58, . (1 %URWKHU &RQWURO &HQWHU DXWRPDWLVFK ODGHQ +HW &RQWURO &HQWHU ZRUGW JHODGHQ WHONHQV ZDQQHHU :LQGRZV ZRUGW RSJHVWDUW :DQQHHU KHW &RQWURO &HQWHU LV JHODGHQ ZRUGW RS GH WDDNEDON KHW SLFWRJUDP &RQWURO &HQWHU ZHHUJHJHYHQ $OV X QLHW ZLOW GDW &RQWURO &HQWHU DXWRPDWLVFK ZRUGW JHODGHQ NXQW X KHW DXWRPDWLVFK ODGHQ XLWVFKDNHOHQ $OV KHW SLFWRJUDP YDQ KHW &RQWURO &HQWHU QLHW RS GH WDDNEDON VWDDW PRHW X GH]H VRIWZDUH ]HOI VWDUWHQ 6HOHFWHHU LQ KHW 6WDUW PHQX GH RSWLH 3URJUDPPD¶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sUHQ 8 NXQW HHQ VWDQGDDUGWRHSDVVLQJ ZLM]LJHQ . OLN PHW GH UHFKWHUPXLVNQRS RS GH NQRS &RQWURO &HQWHU RP GH &RQILJXUDWLH ZHHU WH JHYHQ HQ NOLN GDDURS 6HOHFWHHU HHQ DQGHUH WRHSDVVLQJ 8 NXQW ELMYRRUEHHOG HHQ VFDQNQRS YDQ 06 :RUG 3DG YHUDQGHUHQ LQ 06 :RUG GRRU LQ GH OLMVW HHQ DQGHUH WHNVWYHUZHUNHU WH VHOHFWHUHQ %527+(5 &21752/ &(17(5 *(%58, . (1 6FDQIXQFWLHV 1DDU EHVWDQG VFDQQHQ²'H]H IXQFWLH ODDW X PHW WZHH PXLVNOLNNHQ UHFKWVWUHHNV QDDU HHQ EHVWDQG VFDQQHQ 8 NXQW KHW EHVWDQGVW\SH HQ GH GLUHFWRU\ ZLM]LJHQ 6FDQ QDDU HPDLO²'H]H IXQFWLH ODDW X PHW WZHH PXLVNOLNNHQ HHQ SODDWMH RI WHNVW UHFKWVWUHHNV DOV HHQ QRUPDOH ELMODJH QDDU XZ HPDLOWRHSDVVLQJ VFDQQHQ 8 NXQW KHW EHVWDQGVW\SH HQ GH UHVROXWLH YRRU GH ELMODJH VHOHFWHUHQ 6FDQ QDDU WHNVWYHUZHUNHU²+LHUPHH NXQW X HHQ WHNVWGRFXPHQW PHW VOHFKWV WZHH PXLVNOLNNHQ VFDQQHQ 6FDQ6RIW 7H[W%ULGJH 2&5 XLWYRHUHQ HQ GH WHNVW JHHQ JUDILVFKH DIEHHOGLQJHQ LQ HHQ WHNVWYHUZHUNHUEHVWDQG LQYRHJHQ 8 NXQW ]HOI VHOHFWHUHQ ZHONH WHNVWYHUZHUNHU ZRUGW JHEUXLNW ELMYRRUEHHOG :RUG 3DG 06 :RUG :RUG 3HUIHFW HQ] 'H NQRS SHUVRRQOLMNH LQVWHOOLQJHQ²+LHUPHH NXQW X HHQ EHHOG UHFKWVWUHHNV VFDQQHQ QDDU GH JUDILVFKH WRHSDVVLQJ GLH X JHEUXLNW YRRU KHW EHNLMNHQ HQ EHZHUNHQ YDQ DIEHHOGLQJHQ 8 NXQW ]HOI VHOHFWHUHQ ZHONH WRHSDVVLQJ ZRUGW JHEUXLNW ELMYRRUEHHOG 0LFURVRIW 3DLQW RI &RUHO 3KRWR3DLQW . RSLHHUIXQFWLHV . RSLH²0HW GH]H IXQFWLH NXQW X YLD XZ SF HQ HHQ ZLOOHNHXULJH :LQGRZVSULQWHUGULYHU JHDYDQFHHUGH NRSLHHUIXQFWLHV JHEUXLNHQ 8 NXQW HHQ SDJLQD RS HHQ %URWKHUPDFKLQH VFDQQHQ HQ GH NRSLHsQ DIGUXNNHQ PHW JHEUXLNPDNLQJ YDQ HHQ YDQ GH IXQFWLHV YDQ GH SULQWHUGULYHU YRRU GH %URWKHUPDFKLQH ²2)² +HW LV HFKWHU RRN PRJHOLMN RP GH NRSLH UHFKWVWUHHNV QDDU HHQ RS GH SF JHwQVWDOOHHUGH :LQGRZVSULQWHUGULYHU WH VWXUHQ )D[HQ YLD GH SF )D[ YHU]HQGHQ²0HW GH]H IXQFWLH NXQW X HHQ SODDWMH RI WHNVW VFDQQHQ HQ KHW EHHOG PHW GH %URWKHU 3& )D[ 6RIWZDUH DXWRPDWLVFK YDQDI GH SF DOV HHQ ID[ YHU]HQGHQ %527+(5 &21752/ &(17(5 *(%58, . (1 6FDQQHULQVWHOOLQJHQ YRRU GH VFDQ NRSLsUHQ HQ 3&)$;NQRSSHQ $OV KHW YHQVWHU 3RSXS ZRUGW ZHHUJHJHYHQ NXQW X KHW YHQVWHU PHW GH VFDQQHULQVWHOOLQJHQ RSHQHQ . OLN RS KHW SLFWRJUDP 6PDUW &OLFN &RQWURO &HQWUH UHFKWVERYHQ DDQ KHW VFKHUP %URWKHU &RQWURO &HQWHU ²2)² . OLN RS GH NQRS , QVWHOOLQJHQ DDQSDVVHQ LQ HHQ YDQ GH FRQILJXUDWLHVFKHUPHQ $OJHPHQH LQVWHOOLQJHQ 3RSXS DXWRPDWLVFK ODGHQ². OLN RS GLW VHOHFWLHYDNMH DOV X ZLOW GDW KHW %URWKHU &RQWURO &HQWHU ZRUGW JHODGHQ ZDQQHHU X XZ FRPSXWHU RSVWDUW %527+(5 &21752/ &(17(5 *(%58, . (1 'H VFDQQHU FRQILJXUHUHQ , Q GH WRHSDVVLQJ 3RSXS ]LMQ DFKW YHUVFKLOOHQGH VFDQPRGL RSJHVODJHQ 7HONHQV ZDQQHHU X HHQ GRFXPHQW VFDQW PRHW X GH EHVWH VFDQPRGXV VHOHFWHUHQ 8 NXQW NLH]HQ XLW )D[HQ DUFKLYHUHQ HQ NRSLsUHQ 7HNVW YRRU 2&5 )RWR¶V )RWR¶V KRJH NZDOLWHLW )RWR¶V VQHO VFDQQHQ $DQJHSDVW . ODGH[HPSODDU . ZDOLWHLWVH[HPSODDU (ONH PRGXV KHHIW HHQ HLJHQ VHW RSJHVODJHQ LQVWHOOLQJHQ 8 NXQW GH]H IDEULHNVLQVWHOOLQJHQ JHEUXLNHQ RI XZ HLJHQ LQVWHOOLQJHQ PDNHQ 5HVROXWLH²6HOHFWHHU LQ GH OLMVW GH VFDQUHVROXWLH GLH X KHW PHHVWH JHEUXLNW . OHXUPRGXV²6HOHFWHHU LQ GH OLMVW GH NOHXUHQSDUDPHWHUV GLH X KHW PHHVWH JHEUXLNW 6FDQJURRWWH²6HOHFWHHU LQ GH OLMVW GH VFDQJURRWWH GLH X KHW PHHVWH JHEUXLNW +HOGHUKHLG²6WHO GH KHOGHUKHLG DI YDQ WRW &RQWUDVW²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²2)²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sUHQ 7HNVW YRRU 2&5 )RWR¶V )RWR¶V KRJH NZDOLWHLW )RWR¶V VQHO VFDQQHQ $DQJHSDVW . ODGH[HPSODDU RI . ZDOLWHLWVH[HPSODDU . OLN RS GH NQRS , QVWHOOLQJHQ DDQSDVVHQ DOV X HHQ LQVWHOOLQJ ZLOW ZLM]LJHQ %527+(5 &21752/ &(17(5 *(%58, . (1 %HVWHPPLQJVPDS 3DSHU3RUWPDS²6HOHFWHHU GLW YDNMH DOV X KHW GRFXPHQW LQ GH PDS 3DSHU3RUW ZLOW VFDQQHQ $QGHUH PDS²6HOHFWHHU GLW YDNMH DOV X KHW GRFXPHQW DOV HHQ DQGHU EHVWDQGVW\SH ZLOW VFDQQHQ RI KHW LQ HHQ DQGHUH GLUHFWRU\PDS ZLOW RSVODDQ %HVWDQG²$OV X KHEW JHVHOHFWHHUG GDW X KHW GRFXPHQW LQ HHQ DQGHUH PDS ZLOW VFDQQHQ GLHQW X KHW EHVWDQGVW\SH WH VHOHFWHUHQ 3DSHU3RUWEHHOGLWHP PD[ 3DSHU3RUW 6HOI9LHZLQJ H[H %HNLMNEDDU LQ 3DSHU3RUWEURZVHU KWP 3DSHU3RUW EHHOGLWHP PD[ 3DSHU3RUW EHHOGLWHP PD[ 3DSHU3RUW EHHOGLWHP PD[ :LQGRZV %LWPDS EPS 3& 3DLQWEUXVK SF[ 3&; 0XOWLSDJH GF[ -3(* MSJ 7, ))1LHWJHFRPSULPHHUG WLI 7, ))*URHS 7, ) 7, )). ODVVH ) WLI 7, )) 0XOWLSDJH1LHWJHFRPSULPHHUG WLI 7, )) 0XOWLSDJH*URHS WLI 7, )) 0XOWLSDJH. ODVVH ) WLI 3RUWDEOH 1HWZRUN *UDSKLFV SQJ )ODVK3L[ IS[ . OLN RS %ODGHUHQ DOV X RS XZ V\VWHHP ZLOW ]RHNHQ QDDU HHQ GLUHFWRU\ RI PDS . OLN RS 2. RP XZ LQVWHOOLQJHQ RS WH VODDQ %527+(5 &21752/ &(17(5 *(%58, . (1 1DDU HPDLO VFDQQHQ 6FDQQHULQVWHOOLQJ 6HOHFWHHU LQ GH OLMVW GH VFDQPRGXV GLH KHW PHHVW JHVFKLNW LV YRRU KHW EHVWDQGVW\SH 8 NXQW NLH]HQ XLW )D[HQ DUFKLYHUHQ HQ NRSLsUHQ 7HNVW YRRU 2&5 )RWR¶V )RWR¶V KRJH NZDOLWHLW )RWR¶V VQHO VFDQQHQ $DQJHSDVW . ODGH[HPSODDU RI . ZDOLWHLWVH[HPSODDU . OLN RS GH NQRS , QVWHOOLQJHQ DDQSDVVHQ DOV X HHQ LQVWHOOLQJ ZLOW ZLM]LJHQ %527+(5 &21752/ &(17(5 *(%58, . (1 (PDLODSSOLFDWLH (PDLODSSOLFDWLH²SHOHFWHHU XZ HPDLOWRHSDVVLQJ LQ GH OLMVW (PDLOLQVWHOOLQJHQ². OLN RS GH NQRS (PDLOLQVWHOOLQJHQ RP NRSSHOLQJHQ WH PDNHQ +HW YHQVWHU 3URJUDPPDNRSSHOLQJHQ ZRUGW JHRSHQG %527+(5 &21752/ &(17(5 *(%58, . (1 3URJUDPPDNRSSHOLQJHQ %LMODJHQ FRQYHUWHUHQ QDDU RSJHJHYHQ EHVWDQGVW\SH²&RQYHUWHHUW LWHPV QDDU KHW EHVWDQGVW\SH GDW LQ KHW YDN %HVWDQGVW\SH ZRUGW DDQJHJHYHQ 'HVHOHFWHHU GLW YDNMH DOV X GH EHVWDQGHQ LQ GH RRUVSURQNHOLMNH EHVWDQGVLQGHOLQJ ZLOW KRXGHQ ELMYRRUEHHOG DOV :RUGGRFXPHQWHQ GH EHVWDQGVLQGHOLQJ GRF PRHWHQ EHKRXGHQ HQ -3(*EHHOGHQ GH EHVWDQGVLQGHOLQJ MSJ $OOH GRFXPHQWHQ HQ EHHOGLWHPV²&RQYHUWHHUW DOOH LWHPV RQJHDFKW KHW SURJUDPPD ZDDULQ GH]H ZDUHQ JHPDDNW FRQYHUWHHUW ELMYRRUEHHOG DOOH :RUGEHVWDQGHQ GRF HQ -3(*EHVWDQGHQ MSJ QDDU GLW EHVWDQGVW\SH $OOHHQ 3DSHUSRUWEHHOGLWHPV0$;²&RQYHUWHHUW DOOHHQ 3DSHU3RUWEHHOGEHVWDQGHQ PD[ 3DSHU3RUW FRQYHUWHHUW JHHQ DQGHUH EHVWDQGVW\SHQ ]RDOV -3(*EHHOGHQ HQ :RUGGRFXPHQWHQ %HVWDQGVW\SH², GHQWLILFHHUW QDDU ZHONH EHVWDQGVLQGHOLQJ GH LWHPV PRHWHQ ZRUGHQ JHFRQYHUWHHUG ELMYRRUEHHOG -3(* RI 7, )) , WHPV LQGLHQ PRJHOLMN LQ HHQ HQNHO EHVWDQG FRPELQHUHQ²&RPELQHHUW DOOH JHVHOHFWHHUGH LWHPV LQ HHQ HQNHO EHVWDQG GDW XLW PHHUGHUH SDJLQD V EHVWDDW 'H]H RSWLH LV DOOHHQ EHVFKLNEDDU DOV KHW EHVWDQGVW\SH PHHUGHUH SDJLQD V RQGHUVWHXQW ]RDOV PXOWLSDJH 7, )) %527+(5 &21752/ &(17(5 *(%58, . (1 1DDU HHQ WHNVWYHUZHUNHU VFDQQHQ 6FDQQHULQVWHOOLQJ 6HOHFWHHU LQ GH OLMVW GH VFDQPRGXV GLH KHW PHHVW JHVFKLNW LV YRRU KHW EHVWDQGVW\SH 8 NXQW NLH]HQ XLW )D[HQ DUFKLYHUHQ HQ NRSLsUHQ 7HNVW YRRU 2&5 )RWR¶V )RWR¶V KRJH NZDOLWHLW )RWR¶V VQHO VFDQQHQ $DQJHSDVW . ODGH[HPSODDU RI . ZDOLWHLWVH[HPSODDU . OLN RS GH NQRS , QVWHOOLQJHQ DDQSDVVHQ DOV X HHQ LQVWHOOLQJ ZLOW ZLM]LJHQ %527+(5 &21752/ &(17(5 *(%58, . (1 7HNVWYHUZHUNHU 7HNVWYHUZHUNHU²6HOHFWHHU LQ GH OLMVW GH WHNVWYHUZHUNHU GLH X ZLOW JHEUXLNHQ . OLN RS GH NQRS . RSSHOLQJLQVWHOOLQJHQ RP HHQ VFKHUP WH RSHQHQ ZDDU X KHW JHZHQVWH GRFXPHQWIRUPDDW NXQW LQVWHOOHQ HQ KHW 2&5SURJUDPPD NXQW LGHQWLILFHUHQ %HVWDQGVW\SH²6HOHFWHHU LQ GH OLMVW KHW EHVWDQGVW\SH GDW X ZLOW JHEUXLNHQ YRRU XZ WHNVWYHUZHUNHU RI WHNVWGRFXPHQWHQ 2&5²*HHI DDQ ZHON 2&5SURJUDPPD X ZLOW JHEUXLNHQ RP GH JHVFDQGH GRFXPHQWEHHOGHQ RP WH ]HWWHQ LQ EHZHUNEDUH GRFXPHQWHQ 'H]H RSWLH LV DOOHHQ EHVFKLNEDDU DOV X HHQ DQGHU 2&5SURJUDPPD KHEW GDQ KHW SURJUDPPD GDW PHW 3DSHU3RUW ZHUG JHOHYHUG 3DSHU3RUW JHEUXLNW GH]HOIGH 2&5 HQJLQH DOV GLH YDQ 6FDQ6RIW V 7H[W%ULGJH 3UR 0LOOHQQLXP %527+(5 &21752/ &(17(5 *(%58, . (1 . OLN RS GH NQRS , QVWHOOLQJHQ RP WH NLH]HQ RS ZHONH ZLM]H GH 2&5WRHSDVVLQJ GH SDJLQD V OHHVW GLH X LQ XZ WHNVWYHUZHUNHU VFDQW +HW YHQVWHU 2&5LQVWHOOLQJHQ ZRUGW JHRSHQG 6HOHFWHHU HHQ LQVWHOOLQJ HQ NOLN RS 2. 3DJLQD DXWRPDWLVFK RULsQWHUHQ². OLN RS GLW VHOHFWLHYDNMH DOV X GH SDJLQD V DXWRPDWLVFK ZLOW RPGUDDLHQ ]RGDW GH WHNVW UHFKWRS NRPW WH VWDDQ 8LWYRHU LQ HQNHOH NRORP². OLN RS GLW VHOHFWLHYDNMH DOV X NRORPPHQ ZLOW YHUZLMGHUHQ XLW GRFXPHQWHQ PHW PHHUGHUH NRORPPHQ ]RGDW GH JHFRQYHUWHHUGH WHNVW LQ ppQ NRORP ZRUGW ZHHUJHJHYHQ %527+(5 &21752/ &(17(5 *(%58, . (1 'RRU GH JHEUXLNHU JHGHILQLHHUGH NQRS 6FDQQHULQVWHOOLQJ 6HOHFWHHU LQ GH OLMVW GH VFDQPRGXV GLH KHW PHHVW JHVFKLNW LV YRRU KHW EHVWDQGVW\SH 8 NXQW NLH]HQ XLW )D[HQ DUFKLYHUHQ HQ NRSLsUHQ 7HNVW YRRU 2&5 )RWR¶V )RWR¶V KRJH NZDOLWHLW )RWR¶V VQHO VFDQQHQ $DQJHSDVW . ODGH[HPSODDU RI . ZDOLWHLWVH[HPSODDU . OLN RS GH NQRS , QVWHOOLQJHQ DDQSDVVHQ DOV X HHQ LQVWHOOLQJ ZLOW ZLM]LJHQ $SSOLFDWLH $SSOLFDWLH²6HOHFWHHU LQ GH OLMVW GH WRHSDVVLQJ GLH X DDQ GLW 3RSXS YHQVWHU ZLOW WRHYRHJHQ . OLN RS GH NQRS $DQJHSDVWH NRSSHOLQJLQVWHOOLQJHQ RP NRSSHOLQJHQ QDDU GH GRRU X JHVSHFLILFHHUGH WRHSDVVLQJ WH PDNHQ %527+(5 &21752/ &(17(5 *(%58, . (1 . RSLsUHQ 6FDQQHULQVWHOOLQJ 6HOHFWHHU LQ GH OLMVW GH VFDQPRGXV GLH KHW PHHVW JHVFKLNW LV YRRU KHW EHVWDQGVW\SH 8 NXQW NLH]HQ XLW . ODGH[HPSODDU RI . ZDOLWHLWVH[HPSODDU . OLN RS GH NQRS , QVWHOOLQJHQ DDQSDVVHQ DOV X HHQ LQVWHOOLQJ ZLOW ZLM]LJHQ $DQWDO NRSLHsQ NRSLHsQ²*HHI DDQ KRHYHHO H[HPSODUHQ X ZLOW DIGUXNNHQ . OLN RS GH NQRS . RSLHHURSWLHV DOV X GH RSWLHV YRRU KHW NRSLsUHQ ZLOW ZLM]LJHQ . OLN RS 2. RP GH LQVWHOOLQJHQ YRRU KHW NRSLsUHQ RS WH VODDQ %527+(5 &21752/ &(17(5 *(%58, . (1 )D[ YHU]HQGHQ 6FDQQHULQVWHOOLQJ 6HOHFWHHU LQ GH OLMVW GH VFDQPRGXV GLH KHW PHHVW JHVFKLNW LV YRRU KHW EHVWDQGVW\SH 8 NXQW NLH]HQ XLW )D[HQ DUFKLYHUHQ HQ NRSLsUHQ 7HNVW YRRU 2&5 )RWR¶V )RWR¶V KRJH NZDOLWHLW )RWR¶V VQHO VFDQQHQ $DQJHSDVW . ODGH[HPSODDU RI . ZDOLWHLWVH[HPSODDU . OLN RS GH NQRS , QVWHOOLQJHQ DDQSDVVHQ DOV X HHQ LQVWHOOLQJ ZLOW ZLM]LJHQ %527+(5 &21752/ &(17(5 *(%58, . (1 )D[LQVWHOOLQJHQ %URWKHU 3&)$; )D[UHVROXWLH²)LMQ [  . OLN RS GH NQRS )$;RSWLHV DOV X GH RSWLHV YRRU KHW ID[HQ ZLOW ZLM]LJHQ +HW VFKHUP PHW GH HLJHQVFKDSSHQ YDQ %URWKHU 3&)$; ZRUGW JHRSHQG %LM JHEUXLN YDQ :LQGRZV 6(0H DQG :LQGRZV 17 :6  %LM JHEUXLN YDQ :LQGRZV 3URIHVVLRQDO 6HOHFWHHU 3DSLHUIRUPDDW HQ $IGUXNVWDQG 6WDDQG RI /LJJHQG HQ NOLN RS 2. 2P WHUXJ WH JDDQ QDDU GH VWDQGDDUGLQVWHOOLQJHQ NOLNW X RS GH NQRS 6WDQGDDUG %527+(5 &21752/ &(17(5 *(%58, . (1 6FDQQHQ ELM JHEUXLN YDQ :LQGRZV 'H EHZHUNLQJHQ HQ GULYHUV YRRU KHW VFDQQHQ NXQQHQ YDULsUHQ DIKDQNHOLMN YDQ XZ EHVWXULQJVV\VWHHP %LM JHEUXLN YDQ :LQGRZV 6(0H 3URIHVVLRQDO HQ :LQGRZV 17 :RUNVWDWLRQ 'H PDFKLQH JHEUXLNW HHQ 7:$, 1FRPSDWLEHOH GULYHU RP GRFXPHQWHQ QDDU XZ WRHSDVVLQJHQ WH VFDQQHQ =LH (HQ GRFXPHQW VFDQQHQ RS SDJLQD HQ 7:$, 1FRPSDWLEHO RS SDJLQD  %LM JHEUXLN YDQ :LQGRZV ;3 *HEUXLN :LQGRZV , PDJLQJ $FTXLVLWLRQ :, $ RP GRFXPHQWHQ WH VFDQQHQ =LH (HQ GRFXPHQW VFDQQHQ DOOHHQ ELM JHEUXLN YDQ :LQGRZV ;3 RS SDJLQD  9RRU 6FDQVRIW 3DSHU3RUW HQ 7H[W%ULGJH 2&5 =LH 6FDQ6RIW 3DSHU3RUW HQ 7H[W%ULGJH 2&5 JHEUXLNHQ RS SDJLQD 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wQVWDOOHHUG $OV X :LQGRZV ;3 RI :LQGRZV 3URIHVVLRQDO JHEUXLNW UDGHQ ZLM X DDQ RP DOV EHKHHUGHU DDQ WH PHOGHQ 6&$11(1 %, - *(%58, . 9$1 :, 1'2:6 , WHPV EHNLMNHQ , Q 6FDQ6RIW 3DSHU3RUW NXQW X LWHPV RS GLYHUVH PDQLHUHQ EHNLMNHQ %XUHDXEODGZHHUJDYH WRRQW HHQ PLQLDWXXUZHHUJDYH YDQ HON LWHP RS HHQ EXUHDXEODG RI LQ HHQ PDS , WHPV LQ GH JHVHOHFWHHUGH PDS ZRUGHQ ZHHUJHJHYHQ RS KHW EXUHDXEODG YDQ 3DSHU3RUW (U ZRUGHQ 3DSHU3RUW LWHPV 0$;EHVWDQGHQ ZHHUJHJHYHQ PDDU RRN DQGHUH LWHPV GLH QLHW LQ 3DSHU3RUW ]LMQ JHPDDNW EHVWDQGHQ GLH LQ DQGHUH WRHSDVVLQJHQ ]LMQ JHPDDNW %LM LWHPV GLH QLHW LQ 3DSHU3RUW ]LMQ JHPDDNW VWDDW HHQ SLFWRJUDP GDW DDQJHHIW LQ ZHONH WRHSDVVLQJ KHW LWHP ZDV JHPDDNW (HQ LWHP GDW QLHW LQ 3DSHU3RUW LV JHPDDNW ZRUGW ZHHUJHJHYHQ DOV HHQ NOHLQH UHFKWKRHNLJH PLQLDWXXUZHHUJDYH KHW HLJHQOLMNH EHHOG ZRUGW QLHW JHWRRQG 'H EXUHDXEODGZHHUJDYH WRRQW LWHPV DOV PLQLDWXUHQ 3DJLQD EHHOG WRRQW HHQ FORVHXS YDQ ppQ SDJLQD 8 RSHQW HHQ 3DSHU3RUWLWHP GRRU HU JHZRRQ RS WH GXEEHONOLNNHQ 8 NXQW RRN GXEEHONOLNNHQ RS LWHPV GLH QLHW LQ 3DSHU3RUW ]LMQ JHPDDNW GH]H ZRUGHQ GDQ JHRSHQG PLWV RS XZ FRPSXWHU HHQ WRHSDVVLQJ LV JHwQVWDOOHHUG GLH KHW LWHP NDQ ZHHUJHYHQ 'H SDJLQDZHHUJDYH WRRQW HON LWHP DOV HHQ YROOHGLJH SDJLQD 6&$11(1 %, - *(%58, . 9$1 :, 1'2:6 8Z LWHPV LQ PDSSHQ UDQJVFKLNNHQ 3DSHU3RUW KHHIW HHQ JHEUXLNHUVYULHQGHOLMN V\VWHHP YRRU KHW DUFKLYHUHQ HQ RUGHQHQ YDQ XZ LWHPV +HW DUFKLYHULQJVV\VWHHP EHVWDDW XLW PDSSHQ HQ LWHPV GLH X NXQW VHOHFWHUHQ HQ LQ %XUHDXEODG ZHHUJDYH NXQW EHNLMNHQ (HQ LWHP NDQ LQ 3DSHU3RUW RI LQ HHQ DQGHUH WRHSDVVLQJ ]LMQ JHPDDNW QLHW LQ 3DSHU3RUW 0DSSHQ ZRUGHQ LQ GH PDSZHHUJDYH JHUDQJVFKLNW LQ HHQ KLsUDUFKLVFKH VWUXFWXXU 8 JHEUXLNW GLW YHQVWHU RP PDSSHQ WH VHOHFWHUHQ HQ RP LWHPV LQ GH EXUHDXEODGZHHUJDYH WH EHNLMNHQ 8 VOHHSW HHQ LWHP JHZRRQ QDDU HHQ PDS HQ ]HW KHW GDDU QHHU =RGUD GH PDS LV JHPDUNHHUG ODDW X GH PXLVNQRS ORV +HW LWHP ZRUGW GDQ LQ GH]H PDS RSJHVODJHQ 0DSSHQ NXQQHQ JHQHVW ZRUGHQ²PHW DQGHUH ZRRUGHQ ELQQHQ PDSSHQ NXQQHQ DQGHUH PDSSHQ ZRUGHQ RSJHVODJHQ $OV X RS HHQ PDS GXEEHONOLNW ZRUGHQ GH LWHPV LQ GLH PDS ]RZHO 0$;EHVWDQGHQ YDQ 3DSHU3RUW DOV DQGHUH EHVWDQGHQ GLH QLHW LQ 3DSHU3RUW ]LMQ JHPDDNW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« 5DDGSOHHJ 3DSHU3RUW LQ GH RQOLQH GRFXPHQWDWLH RS GH FGURP YRRU QDGHUH LQIRUPDWLH RYHU KHW PDNHQ YDQ QLHXZH NRSSHOLQJHQ 6&$11(1 %, - *(%58, . 9$1 :, 1'2:6 6FDQ6RIW 7H[W%ULGJH 2&5 JHEUXLNHQ RP WHNVW LQ HHQ EHHOG RP WH ]HWWHQ LQ WHNVW GLH X NXQW EHZHUNHQ 6RIWZDUH YDQ 6FDQ6RIW 7H[W%ULGJH 2&5 ZRUGW DXWRPDWLVFK JHwQVWDOOHHUG PHW 3DSHU3RUW DOV X %URWKHU 0)& 6RIWZDUH 6XLWH RS XZ FRPSXWHU LQVWDOOHHUW 6FDQ6RIW 3DSHU3RUW NDQ GH WHNVW RS HHQ 6FDQ6RIW 3DSHU3RUWLWHP GLW LV LQ IHLWH JHZRRQ HHQ SODDWMH YDQ GH WHNVW VQHO RP]HWWHQ LQ WHNVW GLH X LQ HHQ WHNVWYHUZHUNHU NXQW EHZHUNHQ 3DSHU3RUW JHEUXLNW KLHUYRRU 6FDQ6RIW 7H[W%ULGJH HHQ SURJUDPPD YRRU RSWLVFKH WHNHQKHUNHQQLQJ GDW VDPHQ PHW 3DSHU3RUW ZRUGW JHOHYHUG ²2)² 3DSHU3RUW NDQ HFKWHU RRN HHQ UHHGV RS XZ FRPSXWHU JHwQVWDOOHHUG 2&5SURJUDPPD JHEUXLNHQ 8 NXQW KHW KHOH LWHP FRQYHUWHUHQ PDDU PHW JHEUXLNPDNLQJ YDQ GH RSGUDFKW 7HNVW NRSLs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 RP]HWWHQ 9DQXLW HHQ DQGHUH WRHSDVVLQJ ]RDOV 0LFURVRIW ([FHO DIGUXNNHQ QDDU GH EXUHDXEODGZHHUJDYH %HVWDQGHQ LPSRUWHUHQ GLH LQ DQGHUH IRUPDWHQ ]LMQ RSJHVODJHQ ]RDOV :LQGRZV %LWPDS %03 RI 7DJ , PDJH )LOH )RUPDW 7, ))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 )D[HQ YLD GH SF YHU]HQGHQ DOOHHQ YRRU :LQGRZV 0HW GH IXQFWLH %URWKHU 3&)$; NXQW X YLD GH SF HHQ EHVWDQG YHU]HQGHQ 8 PDDNW GLW EHVWDQG RS GH FRPSXWHU ZDDUQD X KHW DOV HHQ ID[ YDQDI GH SF NXQW YHU]HQGHQ 8 NXQW ERYHQGLHQ HHQ YRRUEODG PHW RSPHUNLQJ WRHYRHJHQ +HW HQLJH GDW X KRHIW WH GRHQ LV GH JHDGUHVVHHUGHQ DOV DI]RQGHUOLMNH QDPHQ RI DOV JURHSHQ LQ KHW DGUHVERHN YDQ 3&)$; RSQHPHQ 8 NXQW GDQ GH ]RHNIXQFWLH JHEUXLNHQ RP VQHO GH JHZHQVWH QDDP RI JURHS WH ]RHNHQ HQ GDDU HHQ ID[ QDDU WRH WH VWXUHQ 3&)$; NDQ DOOHHQ PHW ]ZDUWZLW ZRUGHQ JHEUXLNW $OV X :LQGRZV ;3 RI :LQGRZV 3URIHVVLRQDO JHEUXLNW UDGHQ ZLM X DDQ RP DOV EHKHHUGHU DDQ WH PHOGHQ 3&)$; *(%58, . (1 *HEUXLNHUVLQIRUPDWLH LQVWHOOHQ 9LD KHW GLDORRJYHQVWHU YRRU KHW YHU]HQGHQ YDQ GH ID[ NXQW X WRHJDQJ WRW GH JHEUXLNHUVLQIRUPDWLH NULMJHQ GRRU WH NOLNNHQ RS =LH (HQ EHVWDQG DOV 3&)$; YHU]HQGHQ PHW GH )D[VWLMO RS SDJLQD  6HOHFWHHU LQ KHW 6WDUW PHQX GH RSWLH 3URJUDPPD¶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 YDQ %URWKHU JHEUXLNW PRHW X GH]H WRHSDVVLQJ DOV VWDQGDDUG LQVWHOOHQ GRRU GH RSWLH 6HOHFWHHU %URQ WH VHOHFWHUHQ RI GH DQGHUH PHQXRSWLH YRRU KHW VHOHFWHUHQ YDQ HHQ DSSDUDDW 'DDUQD NXQW X YRRU HON GRFXPHQW GDW X VFDQW GH RSWLH 9HUNULMJHQ RI 6FDQ VHOHFWHUHQ +HW GLDORRJYHQVWHU YRRU KHW LQVWHOOHQ YDQ GH VFDQQHU ZRUGW JHRSHQG '( 0$&+, 1( 0(7 ((1 0$&, 1726+ *(%58, . (1 (HQ EHHOG QDDU XZ 0DFLQWRVK VFDQQHQ 8 NXQW HHQ KHOH SDJLQD VFDQQHQ ²2)² HHQ JHGHHOWH YDQ GH SDJLQD VFDQQHQ QDGDW X KHW GRFXPHQW VQHO KHEW JHVFDQG (HQ KHOH SDJLQD VFDQQHQ 3ODDWV KHW GRFXPHQW PHW GH EHGUXNWH ]LMGH QDDU ERYHQ LQ GH DXWRPDWLVFKH GRFXPHQWLQYRHU RI PHW GH EHGUXNWH ]LMGH QDDU EHQHGHQ RS GH JODVSODDW . LHV ]R QRGLJ GH YROJHQGH LQVWHOOLQJHQ LQ KHW GLDORRJYHQVWHU PHW VFDQQHULQVWHOOLQJHQ 5HVROXWLH 7\SH VFDQ 7H VFDQQHQ JHGHHOWH +HOGHUKHLG &RQWUDVW &RORU6\QF . OLN RS 6WDUW 1DGDW KHW VFDQQHQ LV YROWRRLG ZRUGW KHW EHHOG LQ XZ JUDILVFKH WRHSDVVLQJ ZHHUJHJHYHQ '( 0$&+, 1( 0(7 ((1 0$&, 1726+ *(%58, . (1 (HQ EHHOG VQHO VFDQQHQ 0HW GH IXQFWLH 3UH6FDQ NXQW X HHQ EHHOG VQHO HQ PHW HHQ ODJH UHVROXWLH VFDQQHQ , Q KHW 7H VFDQQHQ JHGHHOWH ZRUGW HHQ PLQLDWXXUZHHUJDYH YDQ KHW EHHOG JHWRRQG 'LW LV VOHFKWV HHQ YRRUEHHOG GDW X ODDW ]LHQ KRH KHW EHHOG HUXLW ]DO ]LHQ *HEUXLN GH NQRS 9RRUDI VFDQQHQ RP HHQ YRRUEHHOG WH EHNLMNHQ ZDQQHHU X RQJHZHQVWH GHOHQ YDQ HHQ EHHOG ZLOW DINQLSSHQ :DQQHHU X WHYUHGHQ EHQW PHW KHW JHWRRQGH YRRUEHHOG NOLNW X RS GH NQRS 6WDUW RP KHW EHHOG WH VFDQQHQ 3ODDWV KHW GRFXPHQW PHW GH EHGUXNWH ]LMGH QDDU ERYHQ LQ GH DXWRPDWLVFKH GRFXPHQWLQYRHU RI PHW GH EHGUXNWH ]LMGH QDDU EHQHGHQ RS GH JODVSODDW . OLN RS 9RRUDI VFDQQHQ +HW KHOH GRFXPHQW ZRUGW LQ XZ 0DFLQWRVK JHVFDQG HQ ZRUGW ZHHUJHJHYHQ LQ KHW YDN 7H VFDQQHQ JHGHHOWH YDQ KHW VFDQQHUGLDORRJYHQVWHU $OV X VOHFKWV HHQ VWXN YDQ KHW VQHO JHVFDQGH GRFXPHQW ZLOW VFDQQHQ NOLNW X HUJHQV LQ KHW EHHOG HQ VOHHSW X GH PXLV RP KHW JHZHQVWH GHHO WH VHOHFWHUHQ '( 0$&+, 1( 0(7 ((1 0$&, 1726+ *(%58, . (1 3ODDWV KHW GRFXPHQW ZHHU PHW GH EHGUXNWH ]LMGH QDDU ERYHQ LQ GH DXWRPDWLVFKH GRFXPHQWLQYRHU RI PHW GH EHGUXNWH ]LMGH QDDU EHQHGHQ RS GH JODVSODDW . LHV GH JHZHQVWH LQVWHOOLQJHQ YRRU 5HVROXWLH 7\SH VFDQ *ULMVWLQWHQ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²6WHO KHW EHHOGW\SH LQ RS =ZDUWZLW YRRU WHNVW RI OLMQWHNHQLQJHQ 9RRU IRWRJUDILVFKH EHHOGHQ VHOHFWHHUW X KHW JULM]H EHHOGW\SH IRXWGLIIXVLH RI GH ZDUH JULMVWLQWHQ *ULMV )RXWGLIIXVLH²ZRUGW JHEUXLNW YRRU GRFXPHQWHQ GLH IRWRJUDILVFKH EHHOGHQ RI DIEHHOGLQJHQ EHYDWWHQ )RXWGLIIXVLH LV HHQ PHWKRGH ZDDUELM EHHOGHQ PHW JHVLPXOHHUGH JULMVWLQWHQ ZRUGHQ JHPDDNW GRRU LQ SODDWV YDQ JULM]H VWLSSHQ ]ZDUWH VWLSSHQ LQ HHQ VSHFLILHNH PDWUL[ WH SODDWVHQ :DUH JULMVWLQWHQ²ZRUGW HYHQHHQV JHEUXLNW YRRU GRFXPHQWHQ GLH IRWRJUDILVFKH EHHOGHQ RI DIEHHOGLQJHQ EHYDWWHQ 'H]H PRGXV LV H[DFWHU RPGDW KLM WRW JULMVWLQWHQ JHEUXLNW 'H]H PRGXV YUDDJW KHW PHHVWH JHKHXJHQ HQ GH ODQJVWH WUDQVIHUWLMG . OHXUHQ². LHV RIZHO ELWV NOHXU ZDDUPHH PD[LPDDO ELWV NOHXUHQ ZRUGHQ JHVFDQG RI NLHV ELWV NOHXU ZDDUPHH PD[LPDDO PLOMRHQ NOHXUHQ ZRUGHQ JHVFDQG +RHZHO ELWV NOHXU HHQ EHHOG PHW GH PHHVW QDXZNHXULJH NOHXUUHSURGXFWLH RSOHYHUW ]DO KHW EHHOGEHVWDQG GDW PHW GH]H RSWLH ZRUGW JHPDDNW RQJHYHHU GULH NHHU ]R JURRW ]LMQ DOV KHW EHVWDQG GDW PHW GH RSWLH YRRU ELWV NOHXUHQ ZRUGW JHPDDNW '( 0$&+, 1( 0(7 ((1 0$&, 1726+ *(%58, . (1 7H VFDQQHQ JHGHHOWH 6HOHFWHHU YRRU *URRWWH HHQ YDQ GH YROJHQGH LQVWHOOLQJHQ /HWWHU [ LQFK $ [ PP /HJDO [ LQFK $ [ PP % [ PP ([HFXWLYH [ LQFK %XVLQHVV &DUG [ PP $DQJHSDVWGH JHEUXLNHU NDQ HHQ IRUPDDW WXVVHQ GH [ PP WRW [ PP VSHFLILFHUHQ $OV X HHQ DIZLMNHQG IRUPDDW KHEW JHNR]HQ NXQW X KHW WH VFDQQHQ JHGHHOWH ELMVWHOOHQ . OLN HQ VOHHS PHW LQJHGUXNWH PXLVNQRS RP KHW EHHOG ELM WH NQLSSHQ %UHHGWH JHHI GH EUHHGWH YDQ KHW DIZLMNHQGH IRUPDDW RS /HQJWH JHHI GH OHQJWH YDQ KHW DIZLMNHQGH IRUPDDW RS %XVLQHVV &DUG 6L]H $OV X YLVLWHNDDUWMHV ZLOW VFDQQHQ VHOHFWHHUW X GH LQVWHOOLQJ %XVLQHVV &DUG × PP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 EHQDGUXNW GH GRQNHUH HQ KHOGHUH JHGHHOWHQ YDQ KHW EHHOG WHUZLMO KHW YHUODJHQ YDQ KHW &RQWUDVW GRRU GH NQRS QDDU OLQNV WH VOHSHQ PHHU GHWDLO ZHHUJHHIW LQ GH JULM]H ]RQHV , Q SODDWV YDQ GH NQRS WH VOHSHQ NXQW X LQ KHW LQYRHUYHOG RRN HHQ ZDDUGH W\SHQ RP KHW FRQWUDVW LQ WH VWHOOHQ . OLN RS 2. '( 0$&+, 1( 0(7 ((1 0$&, 1726+ *(%58, . (1 +HW GLDORRJYHQVWHU &RORU6\QF 9LVXHOH RYHUHHQNRPVW 0DWFKLQJ²$OOH NOHXUHQ LQ HHQ EHSDDOG JDPPD ZRUGHQ SURSRUWLRQHHO DIJHVWHPG ]RGDW ]H LQ HHQ DQGHU JDPPD SDVVHQ 'LW EHKRXGW GH EDODQV WXVVHQ GH NOHXUHQ LQ KHW EHHOG +HW LV GH EHVWH NHX]H YRRU UHDOLVWLVFKH EHHOGHQ ]RDOV JHVFDQGH IRWR V 9HU]DGLJLQJVRYHUHHQNRPVW 0DWFKLQJ²'H UHODWLHYH YHU]DGLJLQJ YDQ NOHXUHQ ZRUGW YDQ JDPPD WRW JDPPD EHKRXGHQ 'H NOHXUHQ ZRUGHQ LQ IHLWH QDDU GH UDQG YDQ KHW JDPPD YHUSODDWVW ]RGDW HHQ ]R YHU]DGLJG PRJHOLMNH NOHXU ZRUGW YHUNUHJHQ 'H]H EHHOGFRQYHUVLH JHHIW GH VWHUNVWH NOHXUHQ HQ LV GH EHVWH NHX]H YRRU VWDDIGLDJUDPPHQ HQ FLUNHOGLDJUDPPHQ ZDDULQ GH HLJHQOLMNH NOHXU GLH ZRUGW ZHHUJHJHYHQ PLQGHU EHODQJULMN LV GDQ GH KHOGHUKHLG HUYDQ 5HODWLHI FRORULPHWULVFK 0DWFKLQJ²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²2YHU KHW JHKHOH WRQDOH EHUHLN PRHW HHQ ]R QDXZNHXULJ PRJHOLMNH RYHUHHQVWHPPLQJ ZRUGHQ EHUHLNW PDDU DOV GH PLQLPDOH GLFKWKHLG YDQ KHW JHwGHDOLVHHUGH EHHOG YHUVFKLOW YDQ GH GLFKWKHLG YDQ KHW XLWJHYRHUGH EHHOG GDQ ]XOOHQ GH OHJH GHOHQ YDQ KHW EHHOG HU DQGHUV XLW]LHQ . OHXUHQ GLH ELQQHQ KHW JDPPD YDQ EHLGH DSSDUDWHQ YDOOHQ EOLMYHQ RQJHZLM]LJG 6FDQQHU VHOHFWHUHQ 6HOHFWHHU XZ %URWKHUPDFKLQH '( 0$&+, 1( 0(7 ((1 0$&, 1726+ *(%58, . (1 'H PDFKLQH LQVWHOOHQ PHW EHKXOS YDQ 6HWXS RS DIVWDQG DOOHHQ YRRU 0DF 26 ; RI UHFHQWHU 0HW GH WRHSDVVLQJ 6HWXS RS DIVWDQG NXQW X GH PDFKLQH VQHO LQVWHOOHQ GRRU WH SURILWHUHQ YDQ GH VQHOKHLG HQ KHW JHPDN YDQ SURJUDPPHULQJ YLD XZ 0DFLQWRVK $OV X GH]H WRHSDVVLQJ RSHQW ZRUGHQ GH LQVWHOOLQJHQ YDQ GH PDFKLQH DXWRPDWLVFK QDDU XZ 0DFLQWRVK JHGRZQORDG HQ RS KHW FRPSXWHUVFKHUP ZHHUJHJHYHQ $OV X GH LQVWHOOLQJHQ ZLM]LJW NXQW X GH]H GLUHFW QDDU GH PDFKLQH XSORDGHQ +HW SLFWRJUDP YRRU GH WRHSDVVLQJ 6HWXS RS DIVWDQG LV WH YLQGHQ LQ 0DFLQWRVK +'/LEUDU\3ULQWHUV%URWKHU8WLOLW\ 2. [. . . ]